§ 8-14-15.2-9 — Duties of the trustee; investment of money in the trust

Indiana § 8-14-15.2-9

• Jurisdiction: Indiana
• Art. 14: HIGHWAY FINANCES
• Ch. 15.2: Next Generation Trust Fund

Text

(a) The trustee shall:
(1) administer and manage the trust;
(2) invest the money in the trust; and
(3) deposit in the trust any interest that accrues from the
investment of these funds.
(b) Notwithstanding IC 5-13, the trustee shall invest the money in
the trust not currently needed to meet the obligations of the trust in the
same manner as money is invested by the Indiana public retirement
system under IC 5-10.3-5. However, the trustee may not invest the
money in the trust in equity securities. The trustee shall also comply
with the prudent investor rule set forth in IC 30-4-3.5. The trustee may
contract with investment management professionals, investment
advisors, and legal counsel to assist in the investment of the trust and
may pay the state expenses incurred under those contracts from the
trust.
(c) IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to a trust established
under this chapter.
(d) Money in the trust fund at the end of a state fiscal year does not
revert to the state general fund.

Legislative History

As added by P.L.189-2018, SEC.79.